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Here's the latest in a series of weekend perspectives from Serge Perreault, a Chartered Accountant and market technician located near Montreal, Canada. Serge anticipated the S&P 500 pullback that began in January, and he has provided an interesting commentary during the 8.1% decline and recovery:
Jan 19, Jan 24, Jan 31, Feb 5, Feb 12, Feb 19, Feb 27, Mar 6, Mar 12, and Mar 19.
The S&P 500 closed the week up 0.58% and remains above the downtrend resistance dating from the market peak in October 2007. Serge's latest chart shows the S&P 500 also above sideways resistance for the index price but with conflicting signals for the rate of change (ROC) and the relative strength index (RSI). For the price, that sideways line is around 1150. Of interest this week is the continuing mixed message of two key indicators. The ROC remains above its 10-week moving average but less so than last week. The RSI is clearly in overbought territory. The aura of suspense continues.
Click the chart for a close-up view and Serge's annotations.
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